Benchmarking

Related Content

Statistical data assembled in your market analysis can be used to establish goals and measure progress (benchmarking) related to the downtown economy. The data can be used to create a statistical snapshot or profile to help inform prospective business operators and investors about the market as well as demonstrate downtown’s importance in the community.

This section provides a comprehensive list of metrics that can be used to compare your district’s performance over time and to determine whether your goals are being met. They can also be used in comparison with high performing peer city downtowns as a basis for refining your goals.

Benchmarking examples are published annually by downtown organizations around the country. They are typically part of an annual report and prompt dialog among stakeholders. For example, the Milwaukee Downtown BID 21 and Downtown Madison Inc. both publish economic reports that contain key metrics on their downtowns with comparisons to peer cities.

About the Toolbox and this Section

The 2011 update of the Downtown and Business District Market Analysis toolbox is a result of a collaborative effort involving University of Minnesota Extension, Ohio State University Extension, and University of Wisconsin Extension. The updated toolbox was supported with funding from the North Central Regional Center for Rural Development.

The toolbox is based on and supportive of the economic restructuring principles of the National Trust Main Street Center. The Wisconsin Main Street Program (Wisconsin Department of Commerce) has been an instrumental partner in the development of this toolbox.

This section was prepared by Phineas Hanson, a graduate student in Urban and Regional Planning at the University of Wisconsin-Madison. Assistance was provided by Bill Ryan of the University of Wisconsin-Extension.